ETH 4H rising wedge low risk short
Potential Triple bearish divergence on MACD on the 4H.
Potential bearish divergence on the RSI 4H.
Rising wedge formation.
Elliot wave count at 5 should be followed by ABC correction.
Entry should be around ~2450$ or breakout of the wedge at ~2300$.
Stop loss should be a close above rising wedge around ~2500$.
Target is the bottom of the wedge or the measured moved at 2050$.
A argument could be made that the daily is forming a potential hidden bearish divergence on the MACD. The daily also broke a key trendline to the upside.
Potential bearish divergence on the RSI 4H.
Rising wedge formation.
Elliot wave count at 5 should be followed by ABC correction.
Entry should be around ~2450$ or breakout of the wedge at ~2300$.
Stop loss should be a close above rising wedge around ~2500$.
Target is the bottom of the wedge or the measured moved at 2050$.
A argument could be made that the daily is forming a potential hidden bearish divergence on the MACD. The daily also broke a key trendline to the upside.
Trade active:
In depth B & C most likely behavior
Trade closed: target reached
